Item #4 – Proposed Accounting and Financial Reporting Revisions – Carrie Bartow
Chairman Neville stated that CSURA staff has suggested that Mary-K. Burnett (MKB) prepare the monthly financial statements as she has done in the past in order to trim monthly accounting cost by CliftonLarsonAllen (CLR).
The proposal is as follows:
MKB to continue to use the current financial program
CLR to do the general ledger report
MKB to provide monthly financial statement info from general ledger report
CLR would continue to attend CSURA monthly meetings at no charge
It is estimated that there would be a $1,500 savings for the remaining six months of 2013 and a projected savings of $3000 for 2014.
Chairman Neville stated that his preference is to continue to have two sets of eyes on the CSURA finances. It is projected that the accounting costs will be $9,000 +/- over budget in 2013. Commissioner Wood-Ellis noted that the audit costs were $5,000 and Ms. Bartow explained that CLR drafts the audit report and that there were some changes required by the City to the type of account reporting and additional time was required to work with the new auditor in 2013.
Authority members gave direction to staff to find the funds to cover the overages in accounting. Ms. Bartow interjected that if the redevelopment agreement with Copper Ridge was not completed and administrative fees collected the Authority would run out of operating capital by October or possibly sooner.
Item #5 - Local Lofts Apartments (N. Nevada) - Kyle Campbell
The name of the loft project has been changed to The Lodges of Colorado Springs. Mr Campbell distributed handouts on the project showing the site plan, elevations, floor plans, etc. Mr. Acken stated that Capstone (the builder) does this type of project for student housing nationally.
There are 156 units proposed, made up of 1, 2, 4 and 5 bedroom units. The 5 bedroom units are townhouses and will be two stories. The proposed development is located between the Luisa Graff Jewelry building and the Harley Davidson store on the east side of North Nevada Avenue. The site is currently an empty RV lot. The project is expected to be completed and open in 2014. This project is a $25M investment.
Currently there is C-6 zoning for the site and City Planning is requiring a conditional use for the apartments, which needs City Planning Commission review and approval. There will be 20 units per acre which meets urban density standards with 616 bedrooms total. Each unit will be leased individually.
Mr. Kyle Campbell reviewed the renderings noting the three existing access points to the site along with two additional access points. The developer is coordinating with Colorado Springs Utilities to use existing utilities to avoid road cuts. The landscaping plan requires buffering on the north and south sides. The two deck high parking structure will be screened, and will be partially bermed toward the east. A bike path will connect to the Pulpit Rock multi-use trail on the east side of the project site. Additionally there will be a large rustic-looking club house with a swimming pool, multi-purpose room, fitness area and study space. The exterior of the buildings will be done in stone with wood trim façade.
Buildings A and B exceed the 45' zoning height requirement. Administrative relief was applied but City Planning would not approve the copulas as they were too high. Chairman Neville asked if the “hillside overlay” pertained to this area. The overlay zone does apply to part of the site but has been waived by City Planner Steve Tuck.
The developer has agreed to make an RTA payment in the amount of $30,000 for road improvements to North Nevada; however the entrance will need to be revised. The design guidelines approved by CSURA for the North Nevada Avenue URA would allow the copulas. The project will be completed in one phase. The average rent per person is estimated to be between $550 and $650 per month. UCCS will coordinate a transportation system by either providing it or Capstone will add a shuttle to the system in place.
Commissioner Colvert asked if mixed use had been considered for this development. Capstone only builds residential developments. Bedrooms will be rented individually not by unit. Commissioner Wood-Ellis asked if this development complied with the new design guidelines and was told yes on the vast majority of the guidelines.
There being no further discussion Commissioner Raughton presented the following resolution: